Answered: New Jersey Partnership PTET

Susan18 · ‎10-30-2023

I have a New Jersey LLC with 2023 real estate tax gain - all partners are non-residents. 2022 was first filing year. I need help determining if NJ has a PTET option for the partnership to make 2023 ES payments that can then be used by individual partner to off-set NJ tax when each non-resident partner files a NJ 2023 individual return.

sjrcpa · ‎10-30-2023

NJ does have PTET. EDIT: They call it BAIT.

The rate is higher than the nonresident withholding rate.

The more I know, the more I don't know.

View solution in original post

sjrcpa · ‎10-30-2023

NJ does have PTET. EDIT: They call it BAIT.

The rate is higher than the nonresident withholding rate.

The more I know, the more I don't know.

New Jersey Partnership PTET

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